|
Tariff Trade Win: Goldman Posts Best Stock-Trading Quarter in the Firm’s History (Bloomberg)
Goldman Sachs Group Inc.’s stock traders posted their largest haul ever, as volatility sparked by the Trump administration’s trade war helped spur a second straight quarter of record revenue for the unit.
Second-quarter equity-trading revenue was $4.3 billion, about $600 million more than what analysts were expecting and $100 million above the first-quarter total, according to a statement Wednesday. That also pushed profit above expectations for the period.
Trading desks across Wall Street benefited from the tariff upheaval. Bank of America Corp. said Wednesday that its traders had their best second quarter on record, and stock traders at JPMorgan Chase & Co., which reported results Tuesday, also turned in a record second quarter.
Earnings Up: BofA Tops Estimates as Trading, Loan Revenue Beat Expectations (Bloomberg)
Warning Signs for Consumers: U.S. Inflation Accelerated in June as Trump’s Tariffs Pushed Up Prices (New York Times)
Inflation accelerated in June as Donald Trump’s tariffs started to leave a bigger imprint on the economy, keeping the Federal Reserve on track to hold interest rates steady when policymakers next meet this month.
The Consumer Price Index rose 2.7 percent from a year ago, the swiftest pace since February, data released by the Bureau of Labor Statistics showed on Tuesday. That is slightly higher than expected and is up from an annual pace of 2.4 percent in May.
As reported by Bloomberg, the new data signaled that some companies are indeed starting to pass tariff-related costs on to consumers.
Parents Feeling the Squeeze: Tariffs and Tight Budgets Reshape Back-to-School Shopping (Axios)
Bank of England Governor Talks Tariffs: US Trade Wars Will Hit Households Worldwide, BOE’s Andrew Bailey Warns (Bloomberg)
In his annual Mansion House speech, the Bank of England Governor called for greater cooperation between countries — particularly the US and China — to resolve “unsustainable” trade and financial imbalances that are distorting economies and lie behind escalating political tensions.
“How to reconcile an open world economy with national interests is a very old issue,” Bailey said in comments that appeared to be directed primarily at Washington. “The rules of the process have to be accepted and the imposition of rules by one player, however dominant, isn’t a recipe for sustained stability.”
Federal Reserve Reinforcement: Jamie Dimon Backs Jerome Powell Over Trump in Fed Fight (New York Times)
Political Upheaval in Hungary: Hungary’s Orban Broaches Topic of Succession After Poll Plunge (Bloomberg)
MAGA Civil War Opens New Front: Speaker Mike Johnson and Other Republicans Break with Trump on Epstein (Washington Post)
House Speaker Mike Johnson told right-wing podcaster Benny Johnson that he supported the release of the Epstein files days after Trump’s Justice Department said the matter was effectively closed. Johnson is a close Trump ally and has never broken so publicly with the president on an issue.
What Goes Around: MAGA Media’s Conspiracy Theories Put Trump in Power — and Now They’re Coming Back to Bite Him (CNN)
Epstein is a complicated matter for Trump since the two men were described as friends decades ago. “I’ve known Jeff for fifteen years. Terrific guy,” Trump told New York magazine in 2002. “He’s a lot of fun to be with.” Trump later denounced Epstein and said he “threw him out” of Mar-a-Lago.
Trump is now increasingly the target of his base’s conspiratorial thinking — the same position he put Barack Obama in by baselessly questioning Obama’s birthplace more than a decade ago.
Over the weekend, Trump even tried to shift blame back to Obama and other Democrats, but with little success.
Stripping Immigrants of Their Rights: ICE Declares Millions of Undocumented Immigrants Ineligible for Bond Hearings (Washington Post)
In a July 8 memo, Todd M. Lyons, acting director of Immigration and Customs Enforcement, told officers that immigrants who arrived in the United States illegally should be detained “for the duration of their removal proceedings,” which can take months or years. Lawyers say the policy will apply to millions of immigrants who crossed the U.S.-Mexico border over the past few decades, including under the Biden administration.
Existential Threat: Musicians Brace for Impact as US Senate Vote on Public Radio Looms (Washington Post)
If the rescission bill passes, $1.1 billion of funding will be cut from the Corporation for Public Broadcasting, limiting public radio’s ability to license music.
Don't Miss Today's Daily Read Podcast: Click here to listen to the latest episode of the AI-generated companion of today's newsletter on Spotify. It's also available on Apple
Podcasts. Take a listen today.
Power Lunch: This Hong Kong Dim Sum Spot Is Cheap, Tasty and Has a Michelin Star (Bloomberg)
Looking for a stylish, spacious restaurant in Hong Kong where you can conduct a meeting? Yat Tung Heen, a Michelin-starred Cantonese restaurant in the basement of the Eaton hotel, excels in bringing a twist to dim sum staples and could be just the spot you're looking for. On its current menu, dim sum dishes start at HK$38 ($4.84) and go up to HK$98.
2028 Los Angeles Games: Major League Baseball in Talks with Olympic Organizers About Allowing Major Leaguers to Play (Washington Post)
Celebrate Summer with NYC Legends: Jazz at Pier 84 (Hudson River Park)
Hudson River Park, created as part of Mike Bloomberg's vision to ensure most New Yorkers live within a 10-minute walk of a park or playground, is the longest waterfront park in the country. It helped to transform Manhattan's West Side from dilapidated piers and parking lots into beautiful green, open space and protected waters. And among its many programs, one of the most special is the park's spirited summer tribute to the city's storied jazz history.
The Jazz at Pier 84 series features local legends in a lineup of free performances each Wednesday. Created in partnership with the Jazz Foundation of America and combining smooth tunes with beautiful Hudson River Park evenings, these shows are unlike any other in Manhattan.
Tonight, catch composer, vocalist, and jazz soloist Fostina Dixon. And visit Hudson River Park online to learn the many ways you can help ensure this urban lifeline of nature, culture, and activity continues to thrive.
|
